Insulet Corporation (PODD) PT Raised to $379 at TD Cowen After a Stellar 1Q

TD Cowen analyst Joshua Jennings raised the price target on Insulet Corporation (NASDAQ: PODD) to $379.00 (from $324.00) while maintaining a Buy rating.

The analyst commented: "We increase our PT to $379 after a stellar 1Q and the April appointment of Ashley McEvoy (ex JNJ) as CEO. We think Ms. McEvoy will continue to press on the YTD drivers of T2 growth, OUS expansion and innovation, and we were encouraged to hear her stress this trio as priorities at the May shareholder meeting. PODD's ADA highlights, shown on page 3, reinforce the still-strong growth prospects of O5.

Our new target, up from $324 previously, applies an EV/sales multiple of 9.5 to our unchanged 2026 revenue estimate of $3.01B. We think PODD will consistently deliver beat-and-raise performances over the next several quarters, driven by the same set of growth drivers that has fueled success year to date: the US type 2 label, international expansion, and continued innovation with the Omnipod platform such as, most recently, the O5 iPhone app and O5's compatibility with Libre. At last month's shareholder meeting, new CEO Ashley McEvoy (ex JNJ) referenced each of these three areas as ongoing priorities for the company, which to us signals that PODD's playbook for growth will likely remain the same in the near term despite the surprise CEO swap. This should quash any residual investor fears about the leadership change and increase investors' confidence that the company will continue to exceed Street expectations and move its guidance higher."

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